SECTION 1 -

statements” in the note “Basis of preparation of pro forma financial statements” to the pro forma
financial statements included in section 10.2.1 of this prospectus).
2.4.5 Income Tax
The Group’s pro forma income tax expense decreased from €86 million in 2008 to €62
million in 2009. The Group’s effective tax rate increased from 28.6% in 2008 to 31.0% in 2009.
2.4.6 Operating profit before non‐recurring items
Operating profit before non‐recurring items fell by 7.8% from €167 million in 2008 to €154
million in 2009. Operating profit before non‐recurring items is equal to net profit after tax but before
non‐recurring expenses (restructuring costs, asset write‐downs, gains/losses on asset disposals).
2.4.7 Net profit (loss)
The Group recorded a net loss (before adjusting for non‐controlling interests) of €50 million
in 2009, compared to a net profit of €177 million in 2008.
The principal non‐recurring expenses recorded in 2009 were goodwill and intangible
impairments totaling €138 million, principally relating to Kadéos, in respect of which the Group
recorded €100 million in impairment charges (€83 million in impairment of goodwill and €17 million in
impairment of intangible assets). The Group also recorded impairment charges of €16 million for an
entity in the United States. In 2008, impairment of goodwill was only €2 million.
The impairment charge of €100 million with respect to Kadéos is due to the fact that Kadéos
was acquired in 2007 at the height of the economic cycle, at a price which was a function of high
growth rate projections, which were not realized due to the economic crisis and in particular due to
the strong competition in the consumer gift voucher market (B2C).
The Group also incurred non‐recurring expenses in 2009 resulting from the devaluation of
the Venezuelan bolivar fuerte, consisting of a loss of €12 million as well as a €39 million provision for
losses on receivables and exchange losses.
Restructuring costs increased from €4 million in 2008 to €15 million in 2009, resulting from
the implementation in New Services entities of Accor group’s restructuring plan, which principally
affected administrative positions.
After taking into account these non‐recurring items, the Group’s net loss attributable to
equity holders of the parent was €57 million in 2009, as compared to a net profit attributable to
equity holders of the parent of €152 million in 2008.
2.5 Comparison of fiscal years ended December 31, 2008 (pro forma) and December 31, 2007
(pro forma)
2.5.1 Issue volume
In 2008, the Group’s issue volume increased 13.5% (€1,540 million) at constant scope of
consolidation and exchange rates, to €12,696 million.
Revenues were up at constant scope of consolidation and exchange rates in all countries in
which the Group operates, with increases of 10.8% in France, 13.9% in Europe (excluding France),
13.5% in Latin America and 26.5% in the rest of the world.
Reported issue volume was adversely affected by a foreign exchange loss of €346 million,
relating mainly to Latin American and Eastern European currencies. Changes in scope of consolidation
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